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Equinix cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$315M in Q3 2026 · −$1.7B over twelve months

Operating cash flow$1.2B
Capital spending−$1.6B
Free cash flow−$315M
Cash / net income2.5×
Cash conversion cycle-54 days

Analysis

In Q3 2026, Equinix generated $1.2B of operating cash flow and spent $1.6B on capital projects, leaving free cash flow of −$315M. That is $193M less than in Q3 2025 (−$122M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.2B; the largest uses were capital spending ($5.8B), dividends ($2.0B), other investing ($1.3B); besides operations, cash came from net borrowing (+) / repaid (−) ($6.3B), asset & business sales ($415M); the cash balance rose by $233M.

Operating cash flow was $1.2B against net income of $489M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$544M, payables +$168M, stock-based pay +$141M.

Its cash conversion cycle was -54 days (receivables 44 + inventory 0 − payables 98): suppliers fund its working capital.

Free cash flow

Equinix: free cash flow by quarterEquinix: free cash flow by quarter−$6.0MQ4 2024$59.0MQ1 2025−$45.0MQ2 2025−$122MQ3 2025−$292MQ4 2025−$539MQ1 2026−$511MQ2 2026−$315MQ3 2026
Operating cash flow less capital spending.
Equinix: operating cash flow against capital spendingEquinix: operating cash flow against capital spendingOperating cash flowCapital spending$981M$987MQ4 2024$809M$750MQ1 2025$944M$989MQ2 2025$1.0B$1.1BQ3 2025$1.1B$1.4BQ4 2025$717M$1.3BQ1 2026$1.1B$1.6BQ2 2026$1.2B$1.6BQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $1.6B.

Capital allocation, year by year

Equinix: where the cash came from (up) and went (down), by fiscal yearEquinix: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $2.5BFY2021: Net borrowing $1.7BFY2021: Shares issued $575MFY2021: Asset sales $209MFY2021: Capital spending −$2.8BFY2021: Acquisitions −$158MFY2021: Dividends −$1.0B$5.1BFY2021FY2022: Operating cash flow $3.0BFY2022: Net borrowing $1.1BFY2022: Shares issued $878MFY2022: Asset sales $250MFY2022: Capital spending −$2.3BFY2022: Acquisitions −$964MFY2022: Dividends −$1.2B$5.2BFY2022FY2023: Operating cash flow $3.2BFY2023: Net borrowing $753MFY2023: Shares issued $821MFY2023: Asset sales $77.0MFY2023: Capital spending −$2.8BFY2023: Dividends −$1.4B$4.9BFY2023FY2024: Operating cash flow $3.2BFY2024: Net borrowing $1.6BFY2024: Shares issued $1.8BFY2024: Asset sales $247MFY2024: Capital spending −$3.1BFY2024: Dividends −$1.6B$6.9BFY2024FY2025: Operating cash flow $3.9BFY2025: Net borrowing $3.0BFY2025: Shares issued $194MFY2025: Capital spending −$4.3BFY2025: Acquisitions −$251MFY2025: Dividends −$1.9B$7.1BFY2025
Over these 5 years operating cash flow totalled $15.9B; the largest uses were capital spending ($15.2B) and dividends ($7.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.6B
Debt$22.8B
Net debt$19.2B
Due within a year$1.3B

Equinix's operations bring cash in ($4.2B over twelve months), and it spends more than that on capital projects: a gap of $1.7B funded from its $3.6B of cash and investments and from borrowing ($22.8B of debt, $1.3B due within a year). That is a choice to invest, not a cash runway running down.

Equinix: debt maturities by year (FY2025)Equinix: debt maturities by year (FY2025)$1.3BYear 1$1.8BYear 2$1.4BYear 3$2.2BYear 4$2.7BYear 5$9.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.6B of cash and investments now.

Where the cash came from and went

Equinix: sources (+) and uses (−) of cash, Q3 2026Equinix: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$2.9BCapital spending−$1.6BCash drawn (+) / kept (−)−$1.4BOperating cash flow$1.2BOther investing−$800MDividends−$518MAsset & business sales$67.0MShares issued$41.0MOther financing−$24.0MReal estate bought−$10.0MExchange rates$1.0M
Equinix: sources (+) and uses (−) of cash, TTM to Q3 2026Equinix: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$6.3BCapital spending−$5.8BOperating cash flow$4.2BDividends−$2.0BOther investing−$1.3BReal estate bought−$837MOther financing−$696MAsset & business sales$415MCash drawn (+) / kept (−)−$233MShares issued$90.0MAcquisitions−$69.0MExchange rates−$10.0M

From profit to cash

Equinix: net income to operating cash flow, Q3 2026Equinix: net income to operating cash flow, Q3 2026Net income$489MDepreciation & amortization$544MStock-based pay$141MImpairments$6.0MOther non-cash−$1.0MReceivables$48.0MPayables$168MIncome taxes payable−$20.0MOther operating capital−$134MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202644—98-54
Q2 202641—96-55
Q1 202639—101-63
Q3 202545—100-55
Q2 202545—97-52
Q1 202541—95-54

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$1.6B—−$518M$2.9B$41.0M−$1.4B−$315M
Q2 2026$1.1B−$1.6B—−$510M$879M—$409M−$511M
Q1 2026$717M−$1.3B—−$519M$1.5B$49.0M$399M−$539M
Q4 2025$1.1B−$1.4B−$69.0M−$461M$1.7B—$341M−$292M
Q3 2025$1.0B−$1.1B—−$467M−$739M$45.0M$1.5B−$122M
Q2 2025$944M−$989M—−$460M$1.7B—−$728M−$45.0M
Q1 2025$809M−$750M—−$468M$338M$149M$120M$59.0M
Q4 2024$981M−$987M—−$413M$205M$696M−$306M−$6.0M

Equinix: income statement and cash flow

Equinix, Q3 2026: revenue $2.6B (+11% year over year), operating margin 23.3%. The chart follows the revenue to costs, profit and cash.

Equinix: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.